21st Century Fox To Buy Major Stake In Yankees Entertainment And Sports Network

(RTTNews) - 21st Century Fox (FOX) has agreed to buy a majority stake in the Yankees Entertainment and Sports Network, raising its stake in the regional sports network to 80 percent from the current 49 percent.

The YES Network delivers exclusive live local television coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other Emmy Award-winning local and national sports programming.

The acquisition is expected to close by the end of the first calendar quarter, subject to regulatory and other customary conditions.

21st Century Fox also announced that, following the acquisition, Tracy Dolgin, President and Chief Executive Officer of the YES network, will remain in his role leading the network.

The remaining 20 percent stake will continue to be held by Yankee Global Enterprises. As a result of the acquisition, the YES Network will become a consolidated entity of 21st Century Fox.